**Bitwise Bitcoin ETF Reports Financial Performance in Annual Filing**

Bitwise Bitcoin ETF (BITB) has released its annual report on Form 10-K, providing a detailed overview of its financial performance and operational activities. The report indicates a net investment loss of $8.13 million for the year ended December 31, 2025, compared to a net investment loss of $3.67 million for the period from January 10, 2024 (commencement of operations) through December 31, 2024. The primary driver of this loss was the Sponsor Fee, which totaled $8.13 million for 2025, compared to $3.67 million in 2024 after accounting for waivers. The increase in the Sponsor Fee was primarily related to an increase in the Trust’s net asset value (NAV) due to an increase in the fair value of bitcoin held by the Trust and the expiration of the Sponsor Fee waiver as of July 11, 2024.

The ETF experienced a net realized and unrealized loss of $336.25 million in 2025, a stark contrast to the $1.59 billion gain in 2024. This shift was largely attributed to a $299.21 million net change in unrealized depreciation on the investment in bitcoin, compared to a $1.64 billion net change in unrealized appreciation in the prior period. The net decrease in net assets resulting from operations was $344.38 million for 2025, compared to a net increase of $1.59 billion in 2024. This change was primarily due to an increase in net realized loss and a decrease in unrealized appreciation on investments in bitcoin.

Operationally, the ETF reported a decrease in net assets from capital share transactions of $50.61 million for 2025, resulting from $2.42 billion in creations and $2.47 billion in redemptions. This contrasts with a net increase of $2.18 billion in 2024, driven by $3.90 billion in creations and $1.73 billion in redemptions. As of December 31, 2025, the Trust held 38,468.0468 bitcoin, valued at $3.37 billion, with a Principal Market NAV per share of $47.57. This compares to 40,289.1335 bitcoin held as of December 31, 2024, valued at $3.76 billion, with a Principal Market NAV per share of $50.85. The decrease in net assets primarily resulted from the aforementioned bitcoin price depreciation, the net decrease resulting from capital share transactions, and a net decrease resulting from operations.

Looking ahead, the filing outlines several risk factors that could impact the ETF's performance, including the volatility of bitcoin prices, regulatory changes, cybersecurity threats, and competition from other digital assets. The report also notes the Trust's reliance on third-party service providers, such as Coinbase Custody Trust Company, LLC, and the potential for operational failures or conflicts of interest. The Sponsor emphasizes that the Trust is not actively managed and will not take actions to mitigate the impacts of bitcoin price volatility. The report includes forward-looking statements, cautioning that actual results may differ materially due to various risks and uncertainties.

About Bitwise Bitcoin ETF

Bitwise Bitcoin ETF is a Delaware statutory trust offering investors exposure to bitcoin through exchange-traded shares listed on NYSE Arca. The Trust holds bitcoin as its sole asset, valuing it daily using the CME CF Bitcoin Reference Rate. It enables investors to access bitcoin via traditional brokerage accounts without directly holding the cryptocurrency. Shares are created and redeemed in large blocks by authorized financial institutions, facilitating liquidity and market alignment.

This description was generated via AI from an annual report. Updated 9 months ago.

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